Everything in our world is as uncertain as it can be, even your health and the car you drive to work every day. To ensure that you always have a backup plan, it is imperative to make educated decisions before it is too late. One such life-altering choice is purchasing appropriate insurance. A small two-wheeler, a person’s life, and everything in between is all covered by insurance. In a congested market like India, customers frequently lack clarity and make poor choices. A fintech company called Digit Insurance was established in Bangalore in 2017 to deal with this problem. It was started by Kamesh Goyal.
People frequently struggle to choose the appropriate insurance for them because they are unable to process the vast amount of information. This gave the firm a chance, and as a result, Digit Insurance started to simplify insurance, get back to the fundamentals, and offer easier, more transparent insurance solutions. If the rules were maintained simple, there wouldn’t be any complicated ones. The company needed a name that was short and sweet, therefore it found that the name digit was perfect and appropriate for them.
Kamesh Goyal started Digit Insurance and currently serves as its chairman. At Allianz Insurance, he was also in charge of group planning and controlling as well as asset management. Additionally, he served as the region’s chief executive officer. In addition, he served as general manager and COO. He started out in India working for KPMG as a manager. He graduated from Delhi University with a bachelor’s in law and a master’s in business administration.
By offering a range of cutting-edge goods and services, the Digit Insurance Business Model seeks to upend the Indian general insurance industry. It is authorised to market health insurance by virtue of its general insurance licence. Although it is typical to have home and auto insurance, Digital Protection also provides jewellery and smartphone protection. The company is transforming the insurance sector by conducting business online. Its business philosophy is to team up with other organisations in mutually beneficial collaborations.
The business’s revenue will have grown by 30% by 2020. The company’s growth was assisted by two essential products. Covid fire insurance is the second, and Covid health insurance is the first. The aforementioned factors led to a large increase in the premium line for the business. According to sources, the automobile insurance industry is not expanding, but by 2021, everything will be back to normal, and it will grow with other industries. The Covid problem is hurting the industry, and interest rates have decreased significantly, but people’s worry has led them to get Covid health insurance, which has assisted businesses in experiencing growth.
The majority of significant industries have been impacted by the coronavirus outbreak, notably the insurance industry, which expanded by only 5% in 2017. Digit Insurance has demonstrated a promising 44 percent gain despite the pandemic problems. The business asserts that it has served over 2 crore customers and handled over 4 lakh claims.
What caused Digit Insurance to expand:
- Usefulness: Digit Insurance understood that the Indian market needed a simplified version of the insurance process, and it delivered on that promise.
- Virat Kohli was selected as the brand ambassador for Digit Insurance, which contributed in the company’s recognition.
Important Lessons:
- Brand Value: Choosing the appropriate channels is a crucial step in ensuring that your brand has a strong perception in the eyes of the public.
- Simple to Use: Determine whether your product is a good fit for the target market.
Digit Insurance is a success story that began with the vision of providing innovative insurance products to customers. Founded by Virat Kohli, this startup has come a long way and now serves millions of people in India. Digit Insurance offers an array of affordable insurance policies that make it easier for everyone to protect their finances. The company also provides user-friendly digital services so users can manage their policy anytime, anywhere. With its range of offerings, Digit Insurance ensures that anyone can get access to reliable financial security.
